Breaking news to lawyers at firms: In-house, we have these things called “business plans.”
Our business units prepare those plans at least annually. The plans typically contain both general objectives (such as achieving a specified level of organic growth, or margin, or whatever) and concrete steps that the business will take to achieve those objectives (such as introducing new products, controlling specified expenses, or whatever).
In-house law departments may create those plans, too. We commit to implement controls, or improve response times, or give a specified number of training sessions to a specified number of people, or the like. Depending on the corporation, a lawyer may be paid less than his target bonus if he doesn’t achieve his objectives and perform according to plan. A system like that is pretty good at grabbing folks’ attention and causing things to be done.
Do law firms (or individual lawyers at firms) prepare business plans?
Despite the lukewarm job market, the lateral market for partners is going strong. Still, not all partner candidates are created equal. Whether you are trying to lateral to a big firm or a small firm, there are several considerations firms must analyze during the partner vetting process. Unlike the promotion of an internal candidate, a prospective firm does not have ready access to your employment file, does not know how you interact with co-workers, and has not seen you in real action.
On the flip-side, you do not know the internal politics of the firm, what the firm’s long-term strategic plan is, or if there are any potential conflicts with your clients. With all the unknowns, it will be the responsibility of the firm and the partner candidate to make sure all proper disclosures have been made to make sure both sides are compatible. If you are thinking about making a lateral move, check out the tips below, courtesy of the recruiters at Lateral Link….
The evolution of relationships between the genders continues. Currently, in law firms, there is an interesting conundrum; balancing the desire for a gender-blind workplace where “the best lawyer gets the work and advances” and the reality of navigating the complicated maze created by the fact that, in general, men and women do possess differences in their work styles. These variations impact who they work with, how they work, how they build professional connections and how organizations ultimately leverage, reward and recognize the talents of all.
Henry Ford sat on his workbench and sighed. A year earlier, he had personally built 13,000 Model Ts with his own hands. Fashioning lugnuts and tie rods by hand, Ford was loath to ask for help. Sure, there were things about the car that he didn’t quite understand. This explains the lack of reliable navigation systems in the Model T. But Ford persevered because he knew that unless he did everything, he could not reliably call these cars his own.
“Unless my own personal toil is responsible for it, it may as well be called a Hyundai,” Ford remarked at the time.
The preceding may sound unfamiliar because it is categorically untrue. And also monumentally stupid. Henry Ford didn’t build all those cars by hand. He had help and plenty of it. Almost exactly one hundred years ago, Henry Ford opened up the most technologically advanced assembly line the world had ever seen. Built on the premise that work can be chopped up into digestible pieces and completed by many men better than one, the line ushered in an age of unparalleled productivity.
Today, an attorney refers business because he can’t do everything the client asks of him.
There are three reasons why this is way dumber than a made-up Henry Ford story…
Ed. note: The Asia Chronicles column is authored by Kinney Recruiting. Kinney has made more placements of U.S. associates, counsels and partners in Asia than any other recruiting firm in each of the past six years. You can reach them by email: [email protected].
Since late last year, things have been booming in Hong Kong / China in cap markets, especially Hong Kong IPOs. M&A deal flow has recently been getting a bit stronger as well. Although one can’t predict such things with any certainty, all signs are pointing to a banner entire 2014 for the top end US corporate and cap markets practices in Hong Kong / China. This is not really new news, as its been the feeling most in the market have had for a few months now and things continue to look good.
The head of our Asia practice, Evan Jowers, has been in Hong Kong for about 10 days a month (with trips every other month to both Shanghai and Bejing) for the past 7 months, and spending most of his time there meeting with senior US hiring partners at just about all the major US and UK firms there, as well as prospective candidates at all associate levels and partner levels, and when in the US, Evan works Asia hours and is regularly on the phone with such persons, as our the other members of our Asia team. Our Yuliya Vinokurova is in Hong Kong every other month and Robert is there about 5 times a year as well. While we have a solid Asia team of recruiters, Evan Jowers will spend at least some time with all of our candidates for Asia position. We have had long standing relationships, and good friendships in some cases, with hiring partners and other senior US partners in Asia for 8 years now.